Tech sell-off, Greece worries hit stocks

NEW YORK (CNNMoney) -- Tech shares led a broad sell-off on Wall Street Wednesday, following disappointing earnings, sales and outlook from Dell. Worries about Greece leaving the eurozone added to the pessimism, sending stocks down 1.3%.

"The Dell news sent some fears through the tech sector," said Timothy Ghriskey, chief investment officer at Solaris Asset Management. "The concern is that this goes beyond just Dell. We saw similar news out of Cisco recently."

Investors are also keeping close tabs on Facebook (FB) and the unfolding saga. Investigators are looking into whether Morgan Stanley (MS, Fortune 500), the lead underwriter for Facebook's initial public offering last week, shared a negative assessment of the social network with major clients ahead of the IPO.

European leaders were meeting in an ad hoc summit to address the latest problems with sovereign debt. The meeting is occurring amid growing worries that Greece is moving closer to dropping the euro, and about what the contagion effects an exit might have on other economies.

Companies: Automaker Ford Motor (F, Fortune 500) had its debt upgraded out of junk bond status by Moody's late Tuesday -- an important benchmark for the automaker that will lower its borrowing costs, and allow it to reclaim collateral it put up for a credit line. Shares were up in morning trading, as were those of rival General Motors (GM, Fortune 500), which is awaiting its own upgrade to investment grade.

Currencies and commodities: The dollar rose to its highest level in nearly two years against the euro. The greenback also edged higher versus the British pound, but lost ground against the Japanese yen.

Oil for July delivery slipped $1.70, or 1.8%, to $90.17 a barrel. Officials from six world powers are due to hold talks with Iran in Baghdad on Wednesday about its nuclear program, raising hopes that there might be an deal that would end sanctions against Iran.

Gold futures for June delivery tumbled $39, or 2.5%, to $1,536.80 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury moved slightly higher, knocking the yield down to 1.72% from 1.79% Tuesday.